London-headquartered independent broker BPL, which focuses on credit and political risk, has launched BPL Re. The reinsurance division will support carriers across credit, political risk and surety specialties. It will operate as a standalone business division within the BPL Group.

Alistair McVeigh will lead BPL Re. He joins from Guy Carpenter, where he served as a managing director. Louis Harvey joins BPL Re as a director, he was also previously with Guy Carpenter.

James Reynolds, group chief executive officer of BPL, said: “The launch of BPL Re is a natural evolution of our specialist offering. For over four decades, BPL has built its reputation as the market leader for credit and political risk insurance. This remains a core focus for the business as we continue to innovate to deliver value based on the evolving needs of our clients and the market. While completely separate business units, both BPL and BPL Re will share the same commitment to centring our clients’ needs in everything we do.”

He added: “Alistair and Louis’ strong track record and deep understanding of credit, political risk and the surety sectors mean they are well positioned to lead our new offering and support the future expansion of the group.”